Today I decided to try and convert 1 SBD into my local fiat currency, the South African Rand. The price of SBD is crazy right now, 1 SBD is around R160, which is about $11. I don't know if it was a good move to sell some SBD right now, I'm a total noob when it comes to trading, I just felt like trying to convert some SBD to ZAR. The way I did it seems to be a really cheap and convenient way. This is how I did it:
Step 1: Sign up at AltCoinTrader
Go to https://www.altcointrader.co.za and register with them, they seem to be the best when it comes to trading a wide variety of cryptocurrencies and the South African Rand. The fees they charge seem very reasonable, you can read about their fees here.
Step 2: Get your litecoin address
Doing it with litecoin instead of bitcoin is the right way to go, in my opinion, because litecoin transaction fees are a lot cheaper and it seems a lot faster.
To get your litecoin address click on the deposit option.
Then scroll down until you see "Request LTC deposit address" and congratulations! You now have a litecoin wallet.
Step 3: Convert your SBD to litecoin
Go to your steem wallet, click on your steem dollars and then click sell.
Once you get to blocktrades, click to receive in litecoin and enter the amount of SBD you want sell. Then enter your litecoin address. Once you done with that you will see a memo, copy it.
Step 4: Transfer SBD to blocktrades
Go to your steem wallet, click on steem dollars and click transfer.
Enter "blocktrades" where it says "to", enter the amount you want to send and enter the memo they gave you in step 3.
Step 5: Convert your litecoin to ZAR
Now that you have some litecoin, you can now convert that to ZAR. On AltCoinTrader click on LTC and where it says "Sell LTC" enter the amount you want to sell and you will see how much ZAR you will receive. Click "Sell LTC" and you're done! It's that simple.
Hopefully this post will help all of you South African steemians. If it did be sure to upvote, follow and resteem!